Oil prices fall as industry data shows big build in U.S. inventory

[Jimmy Snacks]

4 hours ago, racer254 said:

Not sure why the TDS sufferers can't understand this simple concept.....but they just don't

Haha…”simple concept” should be your nickname you drooling idiot.🤣

Edited November 8, 2021 by Jimmy Snacks

[Jimmy Snacks]

2 minutes ago, motonoggin said:

I wonder what's better for the oil industry, high prices or low prices...

I also wonder what's better for oil workers, high prices or low prices...

🤔🤔

Let’s hear it racer.

[spin_dry]

Lots of profit taking by oil companies after they got hurt by trumps mismanagement of the pandemic and economic collapse. They’re a bit gun shy about expanding at this time. 

[racer254]

4 minutes ago, spin_dry said:

Lots of profit taking by oil companies after they got hurt by trumps mismanagement of the pandemic and economic collapse. They’re a bit gun shy about expanding at this time. 

You mean like 2016?

[racer254]

13 minutes ago, Jimmy Snacks said:

Let’s hear it racer.

LOL  poor snacks.  You are listening to a socialist talk about capitalism.  The irony.

Edited November 8, 2021 by racer254

[1jkw]

43 minutes ago, racer254 said:

LOL.  TRUMP!!!!

The price was never lower..EXCEPT .......  when it was lower.   That's the best argument yet.

So you are dumb enough to believe that gas prices weren't lower because of the pandemic? That was the only time they were lower than they were in 2015 and 2016.

[racer254]

Just now, 1jkw said:

So you are dumb enough to believe that gas prices weren't lower because of the pandemic? That was the only time they were lower than they were in 2015 and 2016.

We all know that oil and gas prices weren't lower, except when they actually WERE LOWER.  DUH.

[1jkw]

Just now, racer254 said:

We all know that oil and gas prices weren't lower, except when they actually WERE LOWER.  DUH.

And we all know you are really too fucking stupid to understand the simple concept of supply and demand. 

[racer254]

When will it go back down?????  Supply and Demand, but it just keeps rising during biden.  HUH

[Jimmy Snacks]

15 minutes ago, racer254 said:

LOL  poor snacks.  You are listening to a socialist talk about capitalism.  The irony.

All he did was ask a question…take a stab at it.

[Jimmy Snacks]

15 minutes ago, 1jkw said:

And we all know you are really too fucking stupid to understand the simple concept of supply and demand. 

Demand is rising and the supply is not rising as fast…..Mr. Simple Concepts is too dim to grasp this. 
 

https://apnews.com/article/coronavirus-pandemic-joe-biden-business-economy-prices-7d567fede0ad9619a32def9a4b02eb37

 

Edited November 8, 2021 by Jimmy Snacks

[racer254]

3 minutes ago, Jimmy Snacks said:

Demand is rising and the supply is not rising as fast…..Mr. Simple Concepts is too dim to grasp this. 
 

https://apnews.com/article/coronavirus-pandemic-joe-biden-business-economy-prices-7d567fede0ad9619a32def9a4b02eb37

 

WHAT!!!  You mean when you put in EO's that effect oil production, the supply won't or can't keep up?   Say it ain't so.  When we rely on foreign oil instead of domestic, we give others the ability to control the price?  NO WAY!

Edited November 8, 2021 by racer254

[Jimmy Snacks]

3 minutes ago, racer254 said:

WHAT!!!  You mean when you put in EO's that effect oil production, the supply won't or can't keep up?   Say it ain't so.  When we rely on foreign oil instead of domestic, we give others the ability to control the price?  NO WAY!

We have always relied on foreign oil despite what you think or were told and oil is a global commodity and do you really think that domestic producers are going to sell cheap just to satisfy people like you?🤣

Edited November 8, 2021 by Jimmy Snacks

[Jimmy Snacks]

Yeah it’s all because of Biden….

 

https://www.google.com/amp/s/mobile.reuters.com/article/amp/idUSKBN29F06N

[CFM]

Biden Admin eyeing another us major pipeline to shut down.

 

[racer254]

[spin_dry]

[racer254]

So domestic oil output under biden dropped over 2 million gpd.  OPEC is only cutting 1 million gallons per day.......

BUT OPEC IS THE ONE CAUSING THE HIGH PRICES?  Yeah, dipshits, It's called supply and demand and the domestic output (supply) is down the most, and it was the first decline since 2016.....

[1jkw]

5 minutes ago, racer254 said:

Who was president during this time?

[racer254]

5 minutes ago, 1jkw said:

Who was president during this time?

So the president controls it?  LOL

Edited November 8, 2021 by racer254

[1jkw]

14 minutes ago, racer254 said:

So the president controls it?  LOL

Can't answer a simple question can you?

[racer254]

7 minutes ago, 1jkw said:

Can't answer a simple question can you?

It's hard running cover for biden, the dems and their policies. 

Even Obama tried to explain it to you.

Edited November 8, 2021 by racer254

[racer254]

From 2010:

Gas Prices Have Risen 55% On Obama’s Watch And Continue To Soar

Remember all the blame directed at George Bush when gas prices rose?  Remember how the Democrats literally began federal investigations over the price increases in what amounted to a political hit job?

Well, gasoline prices have quietly increased 55%, a dollar a gallon, under Obama’s watch, and suddenly the same Democrats who swore that high crimes and misdemeanors had been committed under Bush are now completely silent.

From the Washington Times:

Gas up $1 a gallon on Obama’s watch
Pressure rises for exploration
Thursday, March 25, 2010
By Stephen Dinan  and Kara Rowland

Gas prices have risen $1 since just after President Obama took office in January 2009 and are now closing in on the $3 mark, prompting an evaluation of the administration’s energy record and calls for the White House to open more U.S. land for oil exploration.

The average price per gallon across the U.S. hit $2.81 this week, according to the Energy Information Administration. That was up from $1.81 the week of Jan. 26, 2009, just after the inauguration, and marks the highest price since Oct. 20, 2008.

John B. Townsend II, a spokesman for AAA Mid-Atlantic, said price increases are a result of the cost of crude oil, thanks to a decision by the Organization of the Petroleum Exporting Countries not to raise production even as economic growth in countries such as Russia and China spurs more demand.

“From all indications, we’re going to see $3 gas again this summer,” he said.

The Obama administration also blames the market for the high prices and argues that its record for expanding energy development has been solid over the past year.

“The prices are set by the world market,” said Kendra Barkoff, a spokeswoman for the Interior Department, which manages federal lands that would be leased for oil exploration.

Gas prices have been on a roller-coaster ride over the past decade, dropping to near $1 after President George W. Bush’s first year in office, crossing the $2 mark in 2005 and reaching $4 in June 2008 before Congress and Mr. Bush took action, lifting presidential and congressionally imposed moratoriums on expanding offshore drilling on the Outer Continental Shelf.

Mr. Bush lifted the presidential moratorium in July that year. The congressional moratorium expired Sept. 30, and prices fell precipitously, dropping more than $1 in October.

“The reason that it dropped is because the U.S. sent a signal to the markets, by dropping the moratoria, that we’re going to drill on our lands. Obviously, we never followed up, and thus you see the crisis gradually rising,” said Rep. Doc Hastings of Washington, the ranking Republican on the Natural Resources Committee.

He said the solution is the same for both the short-term and long-term prices: Assure the markets that the U.S. will pursue domestic exploration.

[racer254]

Read more:

https://startthinkingright.wordpress.com/2010/03/27/gas-prices-have-risen-55-on-obamas-watch-and-continue-to-soar/

You can see the impact that America drilling for its own oil has on prices – and how despicable the mainstream media can be in covering up the truth – in the following CBS piece entitled “The Immediate Benefit Of Offshore Drilling” from July 17, 2008:

After trading at a record high of $147 a barrel Friday, the price of oil saw its largest one-day drop since the 2003 beginning of the Iraq war on Tuesday, falling $6.44 a barrel. Wednesday, it fell another $3.71, to $135.03, and at one point was trading as low as $132.

So what happened? As is usually the case with markets, a variety of factors caused this dramatic drop. According to the Associated Press, the Energy Information Administration announced that U.S. crude-oil supplies rose by 3 million barrels; beleaguered banks have been selling off valuable energy contracts to pay for other debts; and there’s even some speculation that computer programs used by Wall Street may create a “cascading effect” once prices start to drop.

But bizarrely, the AP didn’t mention that on Monday – again, the day of the single biggest one-day drop in oil prices in five years – President Bush removed the executive order imposing a moratorium on offshore drilling in the United States.

To think that this dramatic and unexpected move by the Bush administration didn’t have a significant effect on oil prices is folly. Even Democrats admit that relatively small margins in oil production could have a huge impact on prices.

The price per barrel of crude oil – which was at an all-time high the day Bush signed the moratorium that ended the ban on offshore drilling after going up and up and up to that point – continued to drop and drop.  By September, it was below $109 a barrel.  By October it had dropped even more.  And it kept dropping.

But now in the age of Obama, it’s going up and up and up again.  We have had a 55% increase in the price of our gasoline during a terrible recession.  Obama’s energy policies have hurt this nation badly at an incredibly vulnerable period, without so much as a peep from most of the media.

Barack Obama threatened to bankrupt the coal industry – which produces 49% of our nation’s electricity – and said that:

“Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.”

He told just enough lies and half-truths to get coal-state Democrats such as  West Virginia Senator Jay Rockefeller to get them to believe he wouldn’t destroy their economies.  But now that he’s elected he’s free to break those promises and pursue ruinous policies.  Rockefeller is now saying of Obama that:

“he’s beginning to not be believable to me.”

Edited November 8, 2021 by racer254

[racer254]

But it’s like, “Sorry Sucker.”  When you vote like a fool, you receive a fool’s fate.

Anyway, maybe you thought, “Well, I’m not in a coal producing state,” or “I’m not in a coal-fired electric grid,” so you thought Obama’s shockingly bad energy policies didn’t matter.

But you’re still going to have to put gas in your car, and Obama’s going to see to it that it costs you a pretty penny to do it.

In fact, gas will have to rise to the European level prices of at least $7/gallon in order for Obama’s policies to impact CO2 levels as per his energy policy.  So you can bet that fuel prices will continue to rise, and rise, and rise.

We’ve had a clear call from the American people to drill for our own oil before.  The Democrats who stopped us from drilling in the first place went utterly nutjob ballistic –

With fewer than 20 legislative days before the new fiscal year begins Oct. 1, the entire appropriations process has largely ground to a halt because of the ham-handed fighting that followed Republican attempts to lift the moratorium on offshore oil and gas exploration. And after promising fairness and open debate, Pelosi has resorted to hard-nosed parliamentary devices that effectively bar any chance for Republicans to offer policy alternatives.

“I’m trying to save the planet; I’m trying to save the planet,” she says impatiently when questioned. “I will not have this debate trivialized by their excuse for their failed policy.”

– in their campaign to prevent domestic energy production – until an overwhelming majority in American opinion made them change their tune.  And then they pledged that they would allow the offshore drilling ban to expire.

Only they didn’t, because Democrats are liars without shame.  Obama signed a brand new moratorium banning domestic drilling.  There will be no domestic energy production under his watch – unless you count the pathetic little toys he says he’ll build that won’t even put so much as a scratch our energy requirements.

Oh, Obama was perfectly willing to lie to us about domestic oil the same way he lied to Jay Rockefeller about domestic coal.  Lies come incredibly easy for Obama – especially since the lamestream propaganda won’t expose him – which leaves him free to tell a whopping load of them.

We have TRILLIONS of barrels of recoverable oil.

Democrats keep saying that there’s no point drilling for our own oil because it would take ten years for the oil to get into system and bring prices down.  First of all that isn’t true; energy companies say they could be up and running in only 3-4 years.  But even if we assume their ten-year figure, they’ve been saying it for decades – and if we’d drilled ten years’ ago, we’d have that oil in our system NOW, wouldn’t we?